About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

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  1. I gotta admit, I do the exact opposite and create multiple accounts using my “going broke to win big strategy”. I’ve got a debt bank, several savings bank, and a cash flow bank so I can maximize my returns, lower my debt, and have nothing in my cash flow bank so I don’t tempt myself.

    Seldom, if ever will one bank have it all! That is why some banks have such higher CD/savings rates.

  2. I finally consolidated a couple of my checking accounts into one and am saving $20 a month in fees. However, because my husband and I have a business, we still are left with 4 accounts at a major branch (2 business and 2 personal) plus an online savings account. The total: 5 accounts.

  3. @Financial Samurai: Thanks for sharing your system!
    That’s why having hard and fast rule sin finance are rare – what’s deemed necessary for one person is a duplication for another.

    I think key to determine how many accounts you should have is how many can you keep track of.

    Being conscious of your money is vital. You shouldn’t have to track it every minute, but you should be able to get the balances easily.

    @Little House: Yeah, having a business definitely requires keeping additional accounts. I have separate checking and savings for the business and with it being automated, it’s been a breeze so far.